Market Report: September 2009
So? Are we in a real estate slump or not?
It definitely could seem so if you’re an avid news watcher, reader, or have been subscribing to the ugly ‘buzz’ around town (PS – were you also aware that the sky is falling?! Something else to stay on top of, to be sure). I thought this morning I would take a moment to illuminate some pretty telling numbers that speak accurately to this question.
I can assure you that these are not ‘adjusted’ numbers, and are not skewed in any way by leaving anything out. Here goes – the good, the bad, and the ugly!
Sales. How are overall sales numbers doing right now, the in-tune investor may wonder? Certainly this is an indicator of market strength, and a great guide for gauging momentum.
In August in Toronto, there were 8,035 transactions. Let’s compare this with previous years to get a reference point. In 2008, August was pretty ‘standard’ in volume, with 6,318 sales, and in 2007 – the hottest Toronto real estate year ever – the record-breaking August sales numbers showed 8,059 total sales.
So we missed a blazing 2007 by twenty-four sales… or 0.3%. Not too bad!
Prices. Aha! Surely here is where the real weakness lies. We’ll flush it out with a quick check on current figures. In August, the average Toronto home sold for $387,921. Once again, let’s compare that with August 2008 – $364,886; and the same month in 2007 – $361,890.
That means we realized 6.3% positive appreciation in home values over this past year.
Plus – we are selling houses on average 6 days faster this year, and are still getting around 99% of list price. Amazing!
See? Not so ugly. Take heart in your fair city – we’ve weathered any recession quite well… which is why Toronto is currently, and has been, one of the real estate investment hot spots internationally. I hope that helps give you some confidence – now go tell the world!
Ready? Let’s get you some real estate. Call me any time and we can discuss.
Until next time,
Shaun Nilsson
1-888-712-7888
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